USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the CAD to close at 1.2998.
On the macro front, Canadian wholesale sales unexpectedly slid 1.0% on a monthly basis in May, following a revised rise of 1.7% in the prior month, while markets anticipated it to remain unchanged.
In the Asian session, at GMT0300, the pair is trading at 1.2994, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.2954, and a fall through could take it to the next support level of 1.2915. The pair is expected to find its first resistance at 1.3030, and a rise through could take it to the next resistance level of 1.3066.
Amid no economic releases in Canada today, investors look forward to the release of the nation’s retail sales data, scheduled later in the week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
